What is Mining?

Mining, or processing, keep the Bitcoin process secure by chronologically adding new transactions and / or blocks to the chain and keeping them in the queue. Blocks are chopped off as each transaction is finalized. ( needs 6 confirmations )

Miners can also generate new bitcoins by using special software to solve cryptographic problems.

What do I need to know to protect my Bitcoins?

As you’d do with a regular wallet, only store small amounts of bitcoins on your computer, mobile, or server for everyday uses, and keep the remaining part of your funds in a safer environment.

Backup your wallet on a regular basis and encrypt your wallet or smartphone with a strong password to protect it from thieves.

Store some of your bitcoins in an offline wallet disconnected from your network for added security. Think of this as a bank, while you, generally, keep only some of your money in your wallet.

BitCoin Learning Guides ( CryptoCurrency ) by FxPremiere

Get Started With Bitcoin

Before you start using Bitcoin, which is still experimental but has been operational without any interruptions for over five years, there are a few things that you need to know in order to use it securely and avoid common pitfalls – BitCoin Learning Guides ( CryptoCurrency ).

First, Bitcoins are impossible to counterfeit or inflate.

Second, you can use them to send or receive any amount of money anywhere in the world; Bitcoin payments are impossible to block, and bitcoin wallets can’t be frozen whatsoever.

Third, with Bitcoin you can directly control the money yourself without going through a third party’s.

Fourth, Bitcoin transactions cannot be reversed / refunded. You should only deal with businesses or people you trust.

FifthTo validate a Bitcoin transactions must be confirmed at least once but preferably 6 times before it has happened and becomes irreversible.

Sixth, Bitcoin is not anonymous. All Bitcoin transactions are stored publicly and permanently on the network.

Seventh, you can get bitcoins by accepting them as a payment for goods and services.

Eighth, there is a growing number of services and merchants accepting Bitcoin all over the world.

How can I store my bitcoins?

The Bitcoin Wallets

Full client – This is like a standalone email server that handles all aspects of the process without relying on third-party servers. Alice would control her whole transaction from beginning to end by herself. Understandably, this is not for beginners.

Lightweight client– This is a standalone email client that connects to a mail server for access to a mailbox. It would store Alice’s bitcoins, but it needs a third-party-owned server to access the network and make the transaction.

Web client – This is the opposite of “full client” and resembles webmail in that it totally relies on a third-party server. The third party replaces Alice and operates her entire transaction.

BitCoin Learning Guides ( CryptoCurrency )

What’s Holding You Back?

Just to put it out there, by the end of this course you will have a full theoretical and practical understanding of Bitcoin. BitCoin Learning Guides ( CryptoCurrency )

Bitcoin Transactional properties:

1.) Irreversible: After confirmation, a transaction can‘t be reversed. By nobody. And nobody means nobody. Not you, not your bank, not the president of the United States, not Satoshi, not your miner. Nobody. If you send money, you send it.

2.) Pseudonymous: Neither transactions or accounts are connected to real world identities. You receive Bitcoins on so-called addresses, which are randomly seeming chains of around 30 characters.

3.) Fast and global: Transaction is propagated nearly instantly in the network and are confirmed in a couple of minutes.

4.) Secure: Bitcoin funds are locked in a public key cryptography system. Only the owner of the private key can send cryptocurrency. Strong cryptography and the magic of big numbers makes it impossible to break this scheme.

5.) Permissionless: You don‘t have to ask anybody to use cryptocurrency. No one can prevent you. There is no gatekeeper.

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